Real Estate Information Archive

Housing affordability reaches all-time high in Q1 2012
Housing affordability in California set a new record high in first quarter 2012 rising to 56 percent, according to C.A.R.’s first quarter Housing Affordability Index. The increase can be attributed to record-low interest rates and stabilization in home prices.


This week my pick of the week is a 2 bedroom 1 bath condo in Palm Springs for $83,000. We are finding there are not many bargains at this price left in the Palm Springs area.   Plus, this one has inside laundry and a single car garage. Located in a gated community with pools, spas, lighted tennis, park and on-site Manager. It doesn't get much better than this!  Call me for details.

Prices in the Palm Springs Coachella Valley are up 4% over last year and sales are up 15%.  It has been a long time since I haven't been able to find enough inventory for my Buyers!  Seller's, let's list!!!  Prices are expected to rise an additional 5-10% by the end of 2012.  Great news for Real Estate.

A 26 foot tall statue of Marilyn Monroe posing in her famous "The Seven Year Itch" scene

is making its way to California after spending a year on Chicago's Magnificent Mile.  The statue

will be stationed at the corner of Tachquitz Canyon Drive and Palm Canyon Drive by the end of May

and will be there for one year. "Forever Marilyn" is a piece by famed sculpture artist J. Seward Johnson.

He is known for his oversize painted bronze statues.  They are called trompel 'oeil.

More Info and Photos

Great news reported from the California Association of Realtors:

. 
California pending home sales posted higher for the third consecutive month in March, rising from both the previous month and year, C.A.R. reported Tuesday. Additionally, the share of distressed sales dropped for the second consecutive month, as equity sales typically increase with the start of the spring home buying season.

C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 126.5 in February to 143.7 in March, based on signed contracts. The March 2012 index was the highest since April 2009, when the PHSI was 146.9. The index also was up from the 128.9 index recorded in March 2011, marking the eleventh consecutive month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

• The share of equity sales – or non-distressed property sales – compared with total sales increased in March to 55.4, up from 51.1 percent in February. Equity sales made up 50.2 percent of all sales in March 2011.

• Meanwhile, the total share of all distressed property types sold statewide decreased in March to 44.6 percent, down from February’s 48.9 percent and from 49.8 percent in March 2011.

• The share of short sales was down again in March. Of the distressed properties sold statewide in March, 21.1 percent were short sales, down from February’s share of 23 percent but up from last March’s share of 20.1 percent.

• The share of REO sales also declined in March to 23.1 percent, down from February’s 25.2 percent and down from the 29.4 percent recorded in March 2011.

Los Angeles Times

Low-ball offers decline in some housing markets
A year ago, 1 out of 10 REALTORS® surveyed said houses were receiving low-ball offers. In the latest survey, there were hardly any. Instead, the focus has shifted to declining inventory levels.

Read the full story

 

The Best Selling Strategy

La Palme is a gated condominium development in Palm Springs.  There is an upper unit, nearly 1200 sq. ft. overlooking the pool  with beautiful views.  It has two master suites and a great room. It is a bank foreclosure and has been reduced from $120,000 to $96,900.  One of the last great deals in Palm Springs.  Call me for details!

The budding trees, the new flowers,
And birds that sweetly sing,
Whisper to me that it’s Easter.
Here is wishing a warmth for your soul
On Easter and always!

Spring has sprung and sales are sizzling across the Coachella Valley.  Sales of homes and condominiums rose for the eighth consecutive month during February, buoyed by investors who continue to buy distressed houses at bargain prices. There are also a lot of first-time buyers who have taken advantage of the bargains and the low interest rates.

It may take longer to find the right house, for those who decide to purchase, as inventories of for-sale properties have declined over the past year.  The valley's inventory of homes for sale fell to 4,642 in February from 6,199 in February 2011, according to the Desert Area Multiple Listing Service.

The big demand has been for homes priced under $300,000, which is where inventories are disappearing in many communities.  We are seeing multiple offers on properties and, in some cases, properties selling above the listed price.